Bank of Japan

The Bank of Japan is the central bank of Japan, founded on 10 October 1882. The institution was given a monopoly on controlling the money supply in 1884, and it was reorganized in 1942. For a short period after the Allied occupation of Japan in the aftermath of World War II, the bank's functions were suspended, and military currency was issued. In 1949, the bank was again restructured, and the bank would be criticized for possessing excessive independence and lacking in accountability until a major 1997 revision of the Bank of Japan Act further expanded the bank's independence. The bank is based in Chuo, Tokyo.